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The Bank of England's monetary policy committee (MPC) has announced that it has voted to keep interest rates on hold at 5.75 per cent.

It said that it had come to its decision after its August inflation report predicted that inflation would remain close to the two per cent target and that output growth would ease. It said that there are "tentative signs" of a slowdown in consumer spending.

"It is too soon to tell how far the disruption in financial markets will impair the availability of credit to companies and households," the Bank of England added in a statement.

"As stated in its August Report, the MPC is monitoring closely the evolution of both credit spreads and the quantities of credit extended, alongside all other data relevant to the outlook for inflation.

"Against that background, the committee judged that no change in Bank Rate was necessary at this meeting to keep inflation on track to meet the target in the medium term."

Analysts had expected the MPC to keep rates on hold this month - as a result of the recent turmoil in the financial markets, which has made banks much more wary of lending to each other.

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